Simon at ARPM: ‘lettings without the headaches’ when setting up my lettings business one of the top tips I was given, was stick to your knitting – if you do something you know, love and understand it will increase your chances of success.
Most agents at some point will want to diversify; the natural extension to their business is lettings. This is a dangerous time for any business because they could be venturing into areas they don’t understand and or don’t want to. If your new venture is unsuccessful this has a number of impacts on the business the lost investment, staffing costs, and hassles this could have a damaging affect on your brand.
Sales and lettings have similarities at the beginning of the process; marketing, viewings etc but at the point of referencing and property management the differences are striking. Specialist staff is needed to make sure all the lettings administration is taking care of effectively and efficiently. Quite often sales/letting negotiators are not suited to the administration tasks involved in lettings.
Over the years we have helped many agents diversify
The Client:Estate Agent that provided a first class residential sales service from their high street office in Hertfordshire.
The Requirement: Diversify by launching a full letting service to meet growing demand. They wanted to focus current resources on growing the business, and not get bogged down with administration and property management issues.
The Solution: After consultation they decided to outsource their full and let only property management to ARPM.
The Result:“By working with ARPM we have been able to build a successful lettings business without huge investment or the need to employ specialist property management staff. We handle the appraisal, instruction, marketing and agreeing the tenancy and ARPM do everything else.
With lettings transactions taking a fraction of the time of sales we have seen a rapid improvement to our revenues and now have a client bank which is likely to result in a future spin off business when landlords decide to sell or tenants buy.
Before we worked with ARPM we had always been put off lettings by the daunting requirements in respect of client accounts, deposit schemes and other administrative requirements.”
For more information on how ARPM could help your business please call 01923 775705 or email info@arpm.co.uk
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